2 MILLION NIGERIANS TO GET COLLATERAL FREE LOANS IN BUHARI ADMINISTRATION

In a determined and significant bid to further enlarge its financial
inclusion agenda for all Nigerians regardless of social class and
economic status, the Buhari administration has launched a new
initiative under the Government Enterprise and Empowerment
Programme (GEEP), called the TraderMoni, which will empower
two million petty traders between now and the end of the year.
The scheme, which was launched last week in Lagos, would grant
a minimum of 30,000 loans in each State of the federation and the
Federal Capital Territory.
All together, the 2 million mark is expected to be attained on or
before the end of this year, with petty traders in Lagos, Kano and
Abia States set to be the first round of beneficiaries to draw the
collateral free loans.
In addition to the 30,000 loans per State, States with larger
populations like Lagos and Kano are expected to get more than
30,000 loans. Across the country, especially in the pilot states,
about 500,000 potential beneficiaries have so far been
enumerated.
In order to identify the beneficiaries, no less than 4,000
enumeration agents have been engaged by the Bank of Industry
which is deploying the new scheme.
TraderMoni is designed to help petty traders expand their trade
through the provision of collateral free loans of N10,000. The
loans are repayable within a period of six months.
Under the scheme, beneficiaries can get access to a higher facility
ranging from N15,000 to N50,000 when they repay N10,000 within
the stipulated time period.
The goal of the Buhari Administration is to use the TraderMoni to
take financial inclusion down to the grassroots, the bottom of the
ladder, considering the contribution of petty traders to economic
development. The Federal Government is also aware of the fact
that many of the petty traders don’t have what the commercial
banks require to grant them loans.
This administration is keen to ensure that such traders at that level
are able.

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2 Comments

  1. Good update

  2. Nice info

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